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Nigeria’s Gross Domestic Product, GDP, grew by 3.89 percent in real terms in the first quarter of 2026, as the non-oil sector accounted for 96.08 percent.

The National Bureau of Statistics, NBS, disclosed this in its GDP report for Q1 2026 released on Monday.

The Q1 GDP figure is higher than the 3.13 percent recorded in the similar period in 2025.

Details of the report showed that nominal GDP stood at N110.79 trillion, while in real terms it is N51.26 trillion as of Q1 2026.

NBS further said that the services sector contributed more to the aggregate GDP at 57.73 percent in the period under review.

However, when compared to the fourth quarter of 2025, the country’s GDP slowed by 0.10 percent.

“Gross Domestic Product grew by 3.89 percent (YoY) in real terms in Q1 2026, higher than the 3.13 percent recorded in Q1 2025.

“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73%,” NBS stated.

The report showed that the oil sector contributed 3.92 percent while the non-oil sector accounted for 96.08 percent.

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Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)

The Black Market Dollar-to-Naira Exchange Rate for 25th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
READ ALSO: Popular Rap Star Dies After Battling Cancer

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 25th May 2026?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11400 and buy at ₦1385 on Monday, 25th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1370

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The Federal Government has unveiled a sweeping new framework aimed at transforming Nigeria’s solid minerals sector into a major revenue driver.

Under the reforms, the Nigeria Revenue Service has assumed responsibility for the collection of mineral royalties and related fees, while the Ministry of Solid Minerals Development retains its role as sector regulator.

The government said the era of weak compliance, illegal mining and poor revenue capture must come to an end.

Speaking at the joint stakeholder sensitisation programme organised by the Nigeria Revenue Service (NRS) and the Ministry of Solid Minerals Development (MSMD), Executive Chairman of the NRS, Zaccheus Adedeji, declared that Nigeria could no longer tolerate a system where vast mineral wealth failed to translate into economic prosperity and social development.

The sensitisation programme, themed  “From Resources to Revenue: Aligning Solid Minerals Operations with the 2025 Tax Reform Act,”  brought together mining operators, regulators, investors, licence holders and government agencies to clarify the operational procedures under the new royalty framework.

Adedeji, who was represented by the Executive Director of Finance and Corporate Services at the NRS, Muhammad Lawal, said the implementation of the 2025 Tax Reform Act marked a historic turning point for the mining industry.

According to him, the reform was designed not merely to increase government revenue, but to establish a transparent, efficient and sustainable royalty administration system capable of boosting investor confidence and strengthening accountability across the mining value chain.

He said: “Nigeria is richly blessed with abundant solid mineral resources spread across every region of this country, yet for far too long, the full economic value of these resources has not been optimally captured for national development.

“As a nation, we can no longer afford a system in which enormous natural wealth fails to translate into measurable prosperity, infrastructure, jobs and improved social outcomes for our people.”

He explained that under the new framework, which took effect from January 1, 2026, the NRS has become the sole authority responsible for royalty assessment, collection, review and enforcement in the solid minerals sector, while the Ministry of Solid Minerals Development retains oversight of mineral titles, operational regulation and official reference pricing.

Adedeji said: “The reforms are designed not merely to increase revenue but to establish fairness, efficiency and sustainability across the value chain.

“For us at NRS, this engagement is not about enforcement alone. It is about partnership, education and shared prosperity. We recognise that effective compliance goes with clarity, trust and continuous engagement with stakeholders.”

Adedeji further assured operators that the revenue agency would work closely with the Ministry of Solid Minerals Development and other relevant agencies to ensure a seamless transition into the new tax regime.

“Our objectives are clear: to strengthen voluntary compliance; close leakages in royalty and tax administration; improve transparency across the mining value chain; create a more investment-friendly environment; and ensure that Nigeria derives maximum value from its natural resources,” he added.

He maintained that the new system would significantly improve domestic revenue mobilisation, enhance investor confidence, support responsible mining practices and contribute to overall economic growth.

Adedeji explained that all mining operators are now required to register with the NRS and obtain Tax Identification Numbers (TINs), while monthly royalty returns must be filed on or before the 21st day of every month.

Under the framework, royalty payments will be computed based on the quantity of minerals sold or used, multiplied by the official reference price published by the Ministry and the applicable royalty rate.

The NRS chief warned that operators who default on payments could face stiff sanctions, including a 10 per cent penalty, compound interest, demand notices and possible licence revocation through referrals to the Ministry.

Also speaking at the event, the Minister of Solid Minerals Development, Dele Alake, lamented Nigeria’s overdependence on imports and the collapse of local production capacity, which he said contributed significantly to the weakening of the naira and the broader economy.

“I was privileged to have lived in this country when the naira was strong and in the early 80s I bought one dollar for 80 kobo. That was not the official rate. The official rate was 52 kobo,” Alake recalled.

He added: “It was at that rate because the production capacity of the country was higher — factories were all over the country. We had factories in Kano, Ibadan, Port Harcourt, Lagos, Enugu and Onitsha. Factories were producing goods and employment was rife.”

The minister blamed the country’s economic decline on what he described as an “importation bonanza” that shifted attention away from local production.

“But when the importation bonanza came, we forgot about production and we started importing,” he said.

Alake disclosed that the administration of President Bola Tinubu identified solid minerals as one of the strategic sectors capable of reviving the Nigerian economy and diversifying government revenue away from crude oil dependence.

According to him, the Federal Government has already begun creating incentives and policies to stimulate private sector investments in mineral processing and value addition.

“Today, I can tell you another gold refinery is ready and up and running in Abuja. Two more are still being built,” the minister revealed.

“As we speak, we are in the process of also enabling another private sector investor to bring a refinery to Jos. Without the Federal Government creating the enabling environment through incentives and policies, these factories would not have been possible,” Alake added.

Alake also highlighted the government’s crackdown on illegal mining activities, describing the establishment of Mining Marshals as a major milestone in restoring order to the sector.

“Illegal operators were operating with impunity for decades, so we had to create a special security architecture around illegal mining. That is what led to the creation of Mining Marshals,” he explained.

He said the special enforcement unit had so far recovered over 100 mining sites from illegal operators and returned them to their legitimate owners.

“The Mining Marshals have arrested over 300 operators and prosecuted more than 150 illegal miners as we speak. None of these happened before in the sector,” the minister stated.

Alake further disclosed that Nigeria’s local value addition policy had already attracted more than $2.6 billion in investments into the mining sector within the last two years.

“In the last two years, our local value addition policy has attracted over $2.6 billion investment into the sector, and it is still going on,” he said.

He described the stakeholder engagement as part of broader consultations aimed at refining policies and ensuring industry-wide collaboration.

“This stakeholder engagement is to further create that platform where we can hear from you, share your concerns, express your views, offer suggestions and recommendations to panel-beat policies wherever possible because nothing is etched in stone and nobody is an island,” Alake added.

Also speaking, Executive Director of the Government and Large Taxpayers Directorate (GLTD), Nigeria Revenue Service, Amina Ado said that Nigeria’s mining sector has operated in the shadows for too long.

Ado warned that weak institutions and poor regulation had denied the country the full value of its vast mineral wealth for more than a century.

She said Nigeria’s challenge was not the absence of mineral resources, but the failure to build systems capable of translating those resources into lasting national development.

Tracing the history of mining in the country, she noted that tin mining on the Jos Plateau and gold extraction in Northern Nigeria predated the oil industry by decades, yet contributed little to sustainable economic growth.

“Mining is not new to us. It is, in fact, older than our oil,” she said.

Ado added that despite over 100 years of mining activity, the sector still contributes less than one per cent to the nation’s Gross Domestic Product.

She lamented that much of Nigeria’s mineral economy had remained outside the reach of government oversight, with artisanal and small-scale miners accounting for the bulk of production while contributing only a fraction of expected royalties.

“A government cannot assess what it cannot see. It cannot collect what it has not assessed. It cannot account for what it has not collected,” she stated, describing the situation as a “problem of sight” before it became a revenue issue.

She further linked the lack of regulation in the mining sector to rising insecurity in parts of the country, particularly in Zamfara, Niger and Kaduna states.

According to her, illegal operators, foreign syndicates and armed groups had taken advantage of the vacuum created by weak state presence in mining communities.

“When the state cannot see a sector, it does not merely lose money. It loses the territory and its legitimacy to govern,” she warned.

The GLTD executive acknowledged, however, that many operators had struggled to enter the formal economy because of overlapping regulations, bureaucratic bottlenecks and unresolved disputes between different levels of government.

She said the new reforms introduced in 2025 were designed to address those challenges by creating a more predictable and transparent system for royalty collection and compliance.

Ado added that the reform would reduce multiple taxation and encourage operators to remain within the formal system.

She assured stakeholders that the new framework would prioritise fairness, transparency and collaboration, while also protecting licensed operators from illegal competitors.

“We will administer the tax laws in the spirit of a Service that wants the sector alive, formal, and thriving — not just taxed,” she said.

She urged mining operators to embrace formalisation as a pathway to security, predictability and long-term growth for the industry and the country.